DislikedReading many posts on here, I'm beginning to believe that price direction is not predictable. I've seen so many "profitable" systems that seem to have no logic behind them, such as people claiming that they can predict where prices will go by finding the square root of the last few periods; people drawing shapes; using 'magic' formulas and levels. There is no rationality behind this. I may not know much about markets, but I do know that the only thing moving prices is supply and demand. No formula, number, square root, etc, is going to tell you...Ignored
I'd say that the price can indeed be predicted. Reason being is simple. The market can only do 1 of three things. Extend, reverse, accumulate. If you simply look at most, if not, all systems which you clear have mentioned, they ALL go against the rule of extension, reversal, and accumulation. Thus making that so called "system" a "coin toss" at best. You'll also notice people say "the market is overbought/oversold" when that of course doesn't follow any set of rules. As this thread grows you will that people will contend that the market is indeed predictable, while only pointing at higher tf charts, which of course doesn't promote accurate entries. Once a trader aims for accuracy, the weaknesses of supply and demand will become more evident.
Men lie, women lie, the numbers don't.